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Selling your wheels? Here's what you should know

Growing at a CAGR of 15.2%, the Indian used car market is expected to reach USD 75 billion by 2023 and according to estimates, for every new car purchased in the country, one used car is sold. This evolving used car market provides a perfect opportunity to sell your current car and upgrade to a new one.

However, you need to take appropriate steps before selling your vehicle to seal a profitable deal.

Brand, exterior and interior conditions, mileage and aftermarket accessories are some factors that decide the resale value of your car. Given below are a few more things that you must know while selling your car:

Brand, exterior and interior conditions, mileage and aftermarket accessories are some factors that decide the resale value of your car. Given below are a few more things that you must know while selling your car:

Get your car inspected

Before you put up your car for sale, take it to a professional mechanic for an inspection. This will identify the existing problems in the vehicle, including physical damage or mechanical issues. Consider fixing any such problems and repair any damage, internal or external, before selling.

Though it can cost you a few pennies upfront, you will be able to command higher a price for your vehicle. Post-inspection, you can ask the mechanic to give his/her opinion on the approximate value of the car based on the inspection report.

Assemble the papers

You need to assemble the documents of the vehicle and transfer the ownership when you decide to sell it. Each stage of selling the car has its set of documents which should be ready before finalizing a deal.

Gather these important papers related to your vehicle:

Registration certificate (RC)

Insurance documents

Pollution under control certificate (PUC)

Application of insurance transfer

Decide advertising channels

You need to advertise your car on various advertising platforms to connect with potential buyers. Apart from online classified ads, you can also choose to advertise in local newspapers to reach out to interested buyers.

There are various car aggregator portals where you can put up your car for sale with images and other essential details like year of manufacture, distance travelled, etc.

Respond to queries of buyers

After posting the ad, you need to respond to the queries of prospective buyers. Arrange for test drives, if asked for. Clarify the terms of payment beforehand to avoid hassles later. Maintain a firm ground on negotiation and if you are not getting the desired price, it’s fine to let a few customers go.

Once you’ve negotiated the terms and conditions with your buyers, you can go ahead and sign the relevant documents for the vehicle’s transfer.

Summing it up

The used car market is intensely competitive and hence it’s essential to quote a standard price based on the prevailing market rates. At the same time, keep your car in top-shape with all the relevant documents to earn the trust of your buyer.

For those looking to buy vehicles, Reliance Money offers customized used car loans to upgrade your vehicle and gift yourself and your family a luxurious ride. Visit our website and apply for a used car loan now.